The British property company owned by the Duke of Westminster plans to sell $954M worth of holdings as it shifts away from direct real estate ownership in the U.S.

Grosvenor Group Holdings Ltd., which controls nearly $13B in assets globally, will put its U.S. real estate portfolio up for sale over the next few years, Bloomberg reported. The group will instead focus on direct investments in Europe and joint venture investments in the U.S. and beyond.

The move comes after the group recorded about a $147M loss in North America last year.

“In a challenging year for global real estate, our international property performance reflected diverging market conditions, with a strong UK performance helping to offset weakness in North America,” Grosvenor CEO James Raynor told Bloomberg.

In contrast, Grosvenor’s UK properties generated more than $120M in 2025, according to Bloomberg, driven by strong retail, office and residential performance with properties in London’s West End.

Raynor said the firm plans to sell its directly owned U.S. holdings over the next three to five years and refocus on investment partnerships, the Financial Times reported. About 40% of Grosvenor’s U.S. investments are made through partnerships, according to the FT.

Earlier this week, Grosvenor sold 394 Pacific Ave., a 54,700 SF office building in San Francisco’s Jackson Square, to a division of Swiss insurer Zurich for $32.8M, The Real Deal reported. Grosvenor paid $32.3M for the property in 2016.

Grosvenor is owned by Hugh Grosvenor, the 35-year-old seventh Duke of Westminster, who himself has a net worth of more than $12.7B, according to Bloomberg. Founded in 1677, Grosvenor helped to develop properties in London neighborhoods such as Mayfair, Belgravia and Pimlico.

The firm also announced this week that it secured a 196K SF lease across a dozen floors of 1701 Pennsylvania Ave. NW in Washington, D.C., to global law firm White & Case. The firm is set to take over 94% of the 1960s-era building once a two-year renovation project is complete.